fenderbender123 wrote:So is being on the deed the same as the mortgage? Because this person made it clear that I would not be on the mortgage loan, just listed as an owner on the deed. Or is that essentially the same thing?
So I do live in Montana. Not sure if the laws are different than Washington in this regard, but what I'm being told by the lender is that if I'm put on the deed to this house, I will be able to own half the house undisputed but will not be responsible for the mortgage. If the person who is paying for the mortgage defaults and gets foreclosed, then none of it affects my credit and that I could have legal recourse to turn around and sue the other person for not paying for the house that I'm supposed to half own. If this person turns around and sells the house in the future, I'm legally entitled to half of the equity. The county owns the deed to the house with a lien from the lender. This is all according to the lady who can put me on the deed.
So ultimately it sounds like my only risk is that I might get stuck paying for this small loan.
So...any thoughts to this?